Owner Occupier Pays $2.88m for Mt Waverly Industrial

22 February 2017

An owner occupier/investor in the engineering business has paid $2.88 million on an 8 percent yield for a Mount Waverley office/industrial facility in a deal brokered by Savills Associate Director Daniel Kelly.

The 1/21 Lionel Road property comprises a modern 1,660 square metre building including 860 square metres of office space and an 800 square metre warehouse, and 36 car spaces.

Mr Kelly said the property was sold subject to a short term lease to consumer electrical goods firm Glen Dimplex Australia at a building rate of $1,734 a square metre reflecting the substantial office component.

He said the property’s near 50/50 office/warehouse split and modern build was unique to the precinct.

“This was a property that appealed on the basis of its unusually large office component but also because of its relatively recent construction in a well-established precinct.

“It also offered the purchaser some relatively short-term income and the ability to simultaneously partially occupy the premises,” Mr Kelly said.

He said quick access to the Monash Freeway via either Blackburn or Ferntree Gully roads was also an important factor.